Hertfordshire-based events management speicalists Motivaction has agreed a Creditors Voluntary Arrangement (CVA) with its creditors.
The agreement was reached with creditors, including HMRC, to address the company’s debts, estimated by Insolvency News to stand at over £561,000.
Managing Director David Buxton (pictured) said: “The directors took the decision to restructure the business in February 2014 due to specific areas of the business under-perming, however there were no compulsory redundancies.
“As part of this restructure, the company has entered into a voluntary arrangement with a small number of creditors, enabling the company to re-focus on the core creative communications and event business.”
It is understood the company is attempting to secure further investment to move forward.
The company reported a pre-tax profit of £53,000 in its 2012 accounts, down from £103,000 the year previously.
The largest credit by far is HMRC, owed over £400k. Perming Artistes, Vitah Music, Funky Furniture Hire and City Furniture Hire are also on the creditors list.
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